Are we expecting BOE to remain at 4.75% on 8th February 2025?

lojo1000

Slightly tangential, but some good news for a Friday.

Lincolnshire beans could provide British solution to imports

https://www.bbc.co.uk/news/uk-england-lincolnshire-65908618

RelievedSheff

Strummer22 said:

Aberdeenangarse said:

lojo1000 said:

Here begin the cries for help for those who overcommitted on their mortgage.

https://www.theguardian.com/business/live/2023/jun/16/mortgage-rates-uk-government-urged-to-provide-emergency-help-costs-rising-nationwide-liberal-democrats-business-live?filterKeyEvents=false&page=with:block-648bfde38f08abfd8db3db78#block-648bfde38f08abfd8db3db78

Frightening to see repossessions up 50% in the last quarter!

Up to 750 from 500. I think in this case the absolute numbers are instructive, although of course if they continue to rise 50% quarter-on-quarter it won't be long until that number is actually frightening. 

That doesn't make such a good scare story though does it?

Aberdeenangarse

lojo1000 said:

Aberdeenangarse said:

lojo1000 said:

Here begin the cries for help for those who overcommitted on their mortgage.

https://www.theguardian.com/business/live/2023/jun/16/mortgage-rates-uk-government-urged-to-provide-emergency-help-costs-rising-nationwide-liberal-democrats-business-live?filterKeyEvents=false&page=with:block-648bfde38f08abfd8db3db78#block-648bfde38f08abfd8db3db78

It was only a question of time. I doubt they’ll be much the Government can do to prop up the housing market before the next General Election, and bringing MIRAS back is a no no. Frightening to see repossessions up 50% in the last quarter! I quite like the LibDems idea for targeted help to stop people losing their homes. Sensible idea.

Serious question, to draw a comparison. Would you also support financial help for renters who fall behind on their rent because the rent went up? 

Difficult question I really can’t answer. I actually own two BTL’s and the rent the tenants are paying was already below the market rate and is now well below. Probably by about 25%! 

RelievedSheff

Aberdeenangarse said:

lojo1000 said:

Aberdeenangarse said:

lojo1000 said:

Here begin the cries for help for those who overcommitted on their mortgage.

https://www.theguardian.com/business/live/2023/jun/16/mortgage-rates-uk-government-urged-to-provide-emergency-help-costs-rising-nationwide-liberal-democrats-business-live?filterKeyEvents=false&page=with:block-648bfde38f08abfd8db3db78#block-648bfde38f08abfd8db3db78

It was only a question of time. I doubt they’ll be much the Government can do to prop up the housing market before the next General Election, and bringing MIRAS back is a no no. Frightening to see repossessions up 50% in the last quarter! I quite like the LibDems idea for targeted help to stop people losing their homes. Sensible idea.

Serious question, to draw a comparison. Would you also support financial help for renters who fall behind on their rent because the rent went up? 

Difficult question I really can’t answer. I actually own two BTL’s and the rent the tenants are paying was already below the market rate and is now well below. Probably by about 25%! 

So raise the rents at the next opportunity.

Aberdeenangarse

RelievedSheff said:

Aberdeenangarse said:

lojo1000 said:

Aberdeenangarse said:

lojo1000 said:

Here begin the cries for help for those who overcommitted on their mortgage.

https://www.theguardian.com/business/live/2023/jun/16/mortgage-rates-uk-government-urged-to-provide-emergency-help-costs-rising-nationwide-liberal-democrats-business-live?filterKeyEvents=false&page=with:block-648bfde38f08abfd8db3db78#block-648bfde38f08abfd8db3db78

It was only a question of time. I doubt they’ll be much the Government can do to prop up the housing market before the next General Election, and bringing MIRAS back is a no no. Frightening to see repossessions up 50% in the last quarter! I quite like the LibDems idea for targeted help to stop people losing their homes. Sensible idea.

Serious question, to draw a comparison. Would you also support financial help for renters who fall behind on their rent because the rent went up? 

Difficult question I really can’t answer. I actually own two BTL’s and the rent the tenants are paying was already below the market rate and is now well below. Probably by about 25%! 

So raise the rents at the next opportunity.

They are long term decent tenants and I somehow doubt either of them could afford to pay the going rate and I’m certainly not going to throw them out on the streets! The last increase, a year ago, was 5% which I thought fair. The properties are mortgage free and just extra money to me, ensuring a well off retirement!

RelievedSheff

Aberdeenangarse said:

RelievedSheff said:

Aberdeenangarse said:

lojo1000 said:

Aberdeenangarse said:

lojo1000 said:

Here begin the cries for help for those who overcommitted on their mortgage.

https://www.theguardian.com/business/live/2023/jun/16/mortgage-rates-uk-government-urged-to-provide-emergency-help-costs-rising-nationwide-liberal-democrats-business-live?filterKeyEvents=false&page=with:block-648bfde38f08abfd8db3db78#block-648bfde38f08abfd8db3db78

It was only a question of time. I doubt they’ll be much the Government can do to prop up the housing market before the next General Election, and bringing MIRAS back is a no no. Frightening to see repossessions up 50% in the last quarter! I quite like the LibDems idea for targeted help to stop people losing their homes. Sensible idea.

Serious question, to draw a comparison. Would you also support financial help for renters who fall behind on their rent because the rent went up? 

Difficult question I really can’t answer. I actually own two BTL’s and the rent the tenants are paying was already below the market rate and is now well below. Probably by about 25%! 

So raise the rents at the next opportunity.

They are long term decent tenants and I somehow doubt either of them could afford to pay the going rate and I’m certainly not going to throw them out on the streets! The last increase, a year ago, was 5% which I thought fair. The properties are mortgage free and just extra money to me, ensuring a well off retirement!

Not sure how that becomes your problem.

You could have an even more well off retirement if they were paying market rate.

sevenhills

lojo1000 said:

More pain for those looking to remortgage today as wages rise more than expected.

Surely there are more things causing inflation than just wage increases/decreases?

I would say that wage increases 4% below inflation is causing inflation to decrease.

Maka344

Couldn't the Bank's just agree to extend current fixed deals to prevent mass repossessions? 

MattMattMattUK

Maka344 said:

Couldn't the Bank's just agree to extend current fixed deals to prevent mass repossessions? 

Nope, they cannot borrow at a rate on the markets to be able to lend at 1.5%, they would be losing money, hence rates to consumers rising to reflect the cost of borrowing. 

lozenlady

Maka344 said:

Couldn't the Bank's just agree to extend current fixed deals to prevent mass repossessions? 

What about the huge number people who have already remortgaged onto higher rates in the last year?